Investors seeing farmland as safer bet than stocks
Wary of fluctuations on Wall Street, more wealthy Americans, private funds and foreigners are putting money into parcels of cornfields, fruit orchards and other U.S. agricultural products.
As investors tire of Wall Street's roller coaster, more of them are plowing their money into land — farmland. Few people understand this shift better than farm manager Carl Evers.
On a recent morning, Evers steered his pickup truck through a Central California almond grove, his drawling sales pitch at the ready. Evers is co-founder of Farmland Management Services, which runs about 30,000 acres of nut groves, fruit orchards and wine grape vines for a Boston investment firm. Sunburned and stocky, tugging down his wide-brimmed hat, he talked about how farmland — and the food it produces — is the safer bet these troubled days.
"You want to throw your money into something you can't touch?" said Evers, 50. "Or do you want to put your money here, into soil and sun, into food that feeds people around the world?"
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